Mr Benjamin Amzalak, 46, of Bondi in New South Wales, has appeared by his counsel before the Downing Centre Local Court today on 10 charges of market manipulation brought by ASIC.

The charges follow an ASIC investigation into trading in the shares of the Australian Securities Exchange listed company Precious Metal Resources Limited (ACN 145 105 148) by persons associated with the company.

ASIC alleges that between 6 May 2013 and 2 August 2013, Mr Amzalak, a former member of Precious Metal Resources Limited's key management personnel, and a director of its (now former) ultimate holding company, took part in ten transactions in the shares of Precious Metal Resources Limited which had, or were likely to have the effect of creating an artificial price, for trading in the shares of Precious Metal Resources Limited contrary to section 1041A of the Corporations Act.

Each of the charges carries a maximum penalty of ten years' imprisonment.

The proceedings were adjourned to 14 November 2017 for further mention.

The matter is being prosecuted by the Commonwealth Director of Public Prosecutions.

Editor's note:

The matter will return to court on 20 February 2018 for mention.

Editor's note 2:

The matter has been adjourned to 24 April 2018.

Editor's note 3:

The matter has been adjourned to 12 June 2018.

Editor's note 4:

The matter has been further adjourned and is listed for reply on 31 July 2018.

Editor's note 5:

The matter was listed for committal on Wednesday, 3 October 2018.

Editor's note 6:

The committal, listed for hearing in the Downing Centre Local Court on 3 October 2018, was adjourned until 4 December 2018.

Editor's note 7:

On 4 December 2018 Mr Amzalak, by his counsel, pleaded guilty to a single offence of taking part in transactions in the shares of Precious Metal Resources Limited between 12 June 2013 and 2 August 2013, which had or were likely to have had the effect of creating an artificial price for trading in the shares of  Precious Metal Resources Ltd contrary to section 1041A of the Corporations Act 2001.

The matter has been further adjourned for mention on 21 December 2018 for committal for sentence.

Editor's note 8:

On 25 January 2019, the matter was listed for further mention to 8 March 2019.  

Editor's note 9:

On 8 March 2019, the matter was listed for sentence hearing on 5
September 2019.